Consider yourself at the prime of your youth, confidently eager to make an indelible mark on the world and armed with a degree and the resultant knowledge and skills, but weighed down by the constant reminder of your intractable yoke of college debt? How would you really feel? Well, this represents a major problem for the nation’s future engineers, secretaries and salespeople, as the burden of college debt threatens to eclipse the promise and potential of higher education in positively altering one’s life.
The article “Don’t Leave College without It” states that the debt is caused by collusion between higher education institutions and credit card issuers among other reasons such as a lack of knowledge on financial management of students. The effects basically entail stagnation as well as disruption of young people’s lives as they work extra hard to lessen the encumbrance of college debt. Fundamentally, college debt, caused by varied elements including lack of knowledge in financial management among others, has stagnated and disrupted the lives of many young peoples’ lives.
Use your promo and get a custom paper on
"Life’s Promises and the Yoke of College Debt".
College credit card debt is caused by unhealthy student attitudes towards credit card debt seemingly overconfident beliefs concerning the potential of their future earnings and the lack of requisite knowledge and discipline in financial management, among others. This is shown in the article “Credit card debt on college campuses: causes, consequences, and solutions”, which shows that college credit card debt is caused by unhealthy student attitudes towards credit card debt. Additionally, the article “Don’t Leave College without It” generally states that the burden of college credit card debt on students is caused by a relative collusion between higher education institutions and credit card issuers where the latter charge high interest rates.
The same article indicates that credit card issuers work with higher education institutions including colleges, to enhance revenues and associated profits tied to spending by students. The article “Credit card debt a big concern on college campuses”, states that credit card issuers deliberately target higher education students because of their relative low risk regarding the security of loans, which can be paid by parents, as well as the prospective loyalty they may garner from students as future customers.
The causes of college debt is brought about by a lack of investments in colleges and universities, enticement by higher education institutions to borrow money for advanced education amidst rising tuition costs resulting from unstable national economic environment. This is highlighted in the article “Skyrocketing student debt looms large over economy”, which states that loss of investment through recessions has reduced funds for aiding college students. The article “Sentenced to debt” shows that a lack of investments in colleges and universities is to blame for the college debt which is tied to rising college costs as the institution face budget cuts that reduce student financial aid.
Students’ views on college credit card debt as a necessity of campus life as well as the belief that gaining employment will easily eliminate incurred debt, I believe, encourages overspending which tremendously increases their college credit card debt. Stories by students in campus are full of cavalier attitudes towards the necessity of using credit cards and accumulating debt which ultimately leads to unnecessary accumulation of debt. This situation is worsened by passivity in managing finances, which one can identify as grounded on a lack of requisite knowledge in financial management as well as discipline in spending especially when the cards are accompanied by varied fines and additional charges.
College credit card debt leads to numerous negative effects include bankruptcy, inability to kick-start a career, sense of dejection in financial management and failure in life, increased debt carried after graduation and even suicide. This is affirmed in the article “Credit card debt on college campuses: causes, consequences, and solutions”, which shows bankruptcy, suicide, inability to kick-start a career, sense of dejection in financial management as some of the effects of college credit card debt. Additionally, the article “Don’t Leave College without It” indicates feelings of failure in life and increased debt carried even after graduation as effects of college credit card debt. Moreover, the article “Credit card debt a big concern on college campuses” shows that indebted students have to pay the debts owed by working, which limits the time they allocate to their studies and also lead many to drop out of school.
College debt leads to negative effects on the economy as students are unable to contribute to its development due limited capabilities in gaining and using money earned in employment as well as the potential that the state may have to bail them out. Indeed, the article “Skyrocketing student debt looms large over economy” shows that students have limited abilities in production and consumption regarding initiation of business and buying of goods and services which would develop the economy. The article “Sentenced to debt” recounts the story of Sara Graves, whose life is overburdened by worry for her children as all her efforts are sank into clearing the college debt instead of establishing a firm foundation for her and her children’s future. The debt is also a major concern for the nation, as shown in the article “Skyrocketing student debt looms large over economy”, which states that the country may be forced to bail the student’s out. The article “Credit card debt on college campuses: causes, consequences, and solutions” also shows that students with high debt levels complain of psychological problems and financial strain after realizing how serious their debt situation is.
College debt negative affects students in that it dampens their determination in pursuing a great career while also negatively affecting one’s attitude towards life chances especially when employment is not a guarantee. The debt increases one’s frustration and sense of despair which may lead one to commit criminal acts like stealing or even suicide which has been experienced by many of my friends in campus. Even though many students take this with courage as a part of life, one can tell the toll it takes on their life especially when they are forced to work two or three jobs to pay their debts and maintain their lifestyles leading them to fail in school.
Solutions to the college debt crisis include expansion of repayment options using income gained from employment, educating students on financial management, legislation supporting low-limit-fund credit cards as well as saving enough financial resources by parents, among others. For a solution, the article “Sentenced to debt” states that the expansion of repayment options using income gained from employment is a viable solution. On a personal level, the article “Skyrocketing student debt looms large over economy” advocates for saving enough financial resources by parents. On the other hand, the article “Credit card debt on college campuses: causes, consequences, and solutions”, advocates for education on financial management as the solution. The article “Don’t Leave College without It” generally states that legislation is the solution where it will provide students with low-limit-fund credit cards as well as relevant information on accompanying charges.
Financial management provides a good solution but doubts about discipline in credit card utilization, diminishes its efficacy which also applies to enforcement of legislation meant to provide low-limit-fund credit cards. The expansion of repayment options using income gained from employment is also a good option as is the advice on future savings to offset the burden of college debt, but which fail to address salient, direct causes of ever-increasing tuition and college activities costs. As such, a combination of all these provides the best solution bolstered by novel solutions on reducing tuition and college activities costs.
With the future being banked on the young generation, rising college credit card debt and that associated with rising tuition costs paint an unexpected bleak future as students are saddled with college debt that leads to stagnation and disruption of these young people’s lives. This state of affairs is acknowledge as being caused by lack of knowledge on financial management, among other factors, which lead to limited abilities in production and consumption tied to initiating business start-ups and buying goods and services, among other negative outcomes. The recommended solutions provided and the accompanying advice provides a point of departure towards eliminating the yoke of college debt as well as increasing chances that the young generation will reap the anticipated life’s promises through education.
